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W.P. Carey spends $43.1 million for Chandler building leased to QBE Insurance


Business Real Estate Weekly by Rose Law Group

Chandler – W.P. Carey Inc. in New York City, N.Y. (NYSE:WPC) has expanded its holdings in the Valley by spending $43.1 million ($235.52 per foot) to acquire a 183,000-square-foot office property at 2700 W. Frye Road in Chandler. The three-story project, called 2700 Corporate Centre, is fully leased to QBE Insurance Group. The acquisition of the Frye Road building was completed by an exchange facilitator working on behalf of W.P. Carey. Maricopa County records show the single tenant project in Chandler was acquired by PPOS 13 LLC, a company managed by Asset Preservation Inc. in Roseville, Calif. In March 2011, BREW reported the Regents Properties entity paying $5.6 million to acquire the Frye Road structure, which was in shell condition. Continue reading

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